00:01
Okay, so we're starting out with $45 ,000.
00:05
And we're compounding 1 plus 0 .057 monthly, which is 12.
00:14
And then 12, we need to know how many years.
00:18
It's going to take just triple it.
00:19
So if we triple 45 ,000, that's 1 ,350 ,000.
00:31
Divide by 45 ,000.
00:38
So 3 equals 1 plus 0 .057 over 12, and then 12t.
00:51
I can change this to exponent form, or a logarithm form.
01:06
So log base 1 plus 0 .057 over 12.
01:15
3 equals 12t divide by 12.
01:21
And i'm not evaluating anything until the end to keep from rounding errors.
01:26
So we can put this in, make sure you can do the change of base in your calculator or have a calculator we can put in the base.
01:36
That's helpful.
01:53
Hang on...